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At separate news conferences, Governor David Paterson and Mayor Michael Bloomberg announced that the state came in second place, just behind Massachusetts, and praised the efforts of all who made it possible.

The state will be rewarded up to $696 million over four years. More than 50 percent of that money is supposed to be going directly to the school districts.

"What we will receive today in this award is that it will go a long way to assure that students across the state, from our rural areas to our urban centers, receive the quality education that they all deserve," said Paterson.

Paterson said the money will be used to help ensure academic success and keep high standards during this difficult economic time.

Bloomberg said the real winners here are the millions of the city's public schools students. He says he anticipates that nearly $300 million of the funds will come to the city.

"In essence, I think it's safe to say we received the federal seal of approval for our achievements here in New York City and now we're also receiving federal funds that allow us to take our efforts even further," said the mayor.

The state finished near the bottom in the first round, but lawmakers made changes to increase the state's chances this time around, by raising the cap on charter schools from 200 to 460 and improving teacher evaluation programs.

"It used to be that there was an arbitrary cap on how many high performing charters could come to the state of New York , and that cap was lifted, and in exchange for that, New York is now eligible for a very large pot of money," said Harlem Success Academy Founder Eva Moskowitz.

"I think that we should thank Washington for identifying that we did make sure it's not just about all the noise and the rhetoric you hear about education, that there was real substance to this application that will make a difference in childrens' lives," said United Federation of Teachers President Michael Mulgrew.

Schools Chancellor Joel Klein, who joined the mayor at Tuesday's press conference, said that hard work is ahead so that the money is spent wisely.

The state is one of nine to receive second-round funding.

Florida, Georgia, Hawaii, Massachusetts, Maryland, North Carolina, Ohio, Rhode Island and Washington, D.C., are also receiving funds.

Eighteen states and the District of Columbia applied for Race to the Top grants.

The Race to the Top program is aimed at rewarding school reform efforts across the country.